Laurentian University has reached its goal of raising $50 million dollars ahead of schedule.

Two years ago, the school began fundraising at the same time it celebrated its 50th anniversary.

The university managed to raise $64 million, exceeding its target, with the help of donations from private companies and individuals.

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Laurentian University president Dominic Giroux. (CBC)

"I’ve been very impressed … with the many gifts from other alumni, families in Sudbury and companies as well," said Laurentian president Dominic Giroux.

He noted universities from around the province now rely on the private sector for some of their funding.

"We look to private donors … to provide added value features to attract top students … to continue to attract top faculty," he said.

Provincial funding per student has been decreasing in Ontario since 2007, Giroux added.

While the school has already raised $64 million, it will continue its planned fundraising campaign until its conclusion at the end of March.

The money will go toward numerous programs and projects, including mining research, construction projects, graduate fellowships and scholarships.